As you can see there is a cup and a handle pattern forming.
At the same time RSI showing bearish divergence a strong one from the tops, and and weak one from the bodies, and price is showing a gap.
Now simply put, I can try and snipe it by waiting for a better entry after filling the gap, and perhaps cut losses at 18.15
OR as the last red candle has been denied by buyers (denied a lower price (wick)), you can enter now but tread lightly.
To me, with current market conditions, maybe I’ll buy a little position, incase it went up, and add to the position completing a full lot size on cost basis amount once it fills the gap.
Remember, the target price from a text books rule says it’s the cup and a handle depth but from endpoint of the handle. But to me, I’m a little worried with current market volatilities, mostly I’ll take profit before it reaches full price target.
At the same time RSI showing bearish divergence a strong one from the tops, and and weak one from the bodies, and price is showing a gap.
Now simply put, I can try and snipe it by waiting for a better entry after filling the gap, and perhaps cut losses at 18.15
OR as the last red candle has been denied by buyers (denied a lower price (wick)), you can enter now but tread lightly.
To me, with current market conditions, maybe I’ll buy a little position, incase it went up, and add to the position completing a full lot size on cost basis amount once it fills the gap.
Remember, the target price from a text books rule says it’s the cup and a handle depth but from endpoint of the handle. But to me, I’m a little worried with current market volatilities, mostly I’ll take profit before it reaches full price target.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.